New financial literacy standards for high school students go beyond spending and saving. Students learn about completing a W4 form for work, writing checks, and balancing a bank statement.
Six years ago the Bremerton School District in Washington made financial literacy a part of graduation requirements. The state is now following the district lead, adopting financial literacy standards for K-12 schools.
Younger students will learn about planning to spend money such as an allowance or gifts. They will learn how giving to charity is different from sharing toys with a friend.
According to the Council for Economic Education 72 percent of parents across the nation are reluctant to speak with their children about financial matters.
In states where a high school course in personal finance is required, students tend to have higher credit scores, lower delinquency rates, and are more likely to save and pay off credit cards each month. They are also less likely to be compulsive buyers.